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The finance ministry also said the maximum funding will be Rs 400 crore for any single project that will be seeking assistance from the 'special window' for completion of the 1,508 projects comprising about 4.58 lakh units.
Stake sales by promoters and private equity/venture capital (PE/VC) investors this year are already exceeding twice those of last year. So far this calendar year, the selling stands at over Rs 87,400 crore, 2.2 times the Rs 39,700 crore worth of shares sold by promoters and PE/VCs in 2022. This year's tally has received a boost from stake sales by Adani group promoters.
However, the road to profitability has already hit some hurdles for the Delhi-based bank as the Union government has rejected its demand for an additional capital infusion of around Rs 8,000 crore in 2018-19
For the first time since the merger of the two national carriers, Air India's losses have started to show a declining trend, with Civil Aviation Minister Praful Patel saying that the "worst is over".
'With tuition fees for international students rising, education loans have become critical for bridging the gap between savings, scholarship, and full cost.'
The income earned from such activities is crucial for the domestic airline industry, which had accumulated losses of over Rs 2,200 crore in 2007. These losses are expected to rise to Rs 2,800 crore in 2008.
In an attempt to combat competition from local beauty and wellness salons, companies like Lakme, Habibs and VLCC are gearing up to offer specialised and upgraded services. According to market data, the beauty and wellness industry, which stands at Rs 1,500 crore (Rs 15 billion) right now, was only Rs 400 crore (Rs 4 billion-)-strong in 2004.
IT services major Wipro on Tuesday said its up to Rs 9,500-crore share buyback programme will commence on December 29 and close on January 11, 2021. Last month, shareholders had approved Wipro's buyback plan for purchase of up to 23.75 crore equity shares at Rs 400 per share, aggregating to an amount of up to Rs 9,500 crore. "...the company received final comments from the Securities and Exchange Board of India on December 21, 2020, with respect to the Draft Letter of Offer filed by the company for the captioned buyback...the company will dispatch the Letter of Offer to eligible shareholders," Wipro said in a regulatory filing.
Bharat Electronics (BEL) reported excellent results for the January-March quarter (Q4) of FY24, which were driven by decent EBITDA margins and higher PAT as well as good revenue growth. Order inflows were also good. BEL is a major beneficiary of the policy of defence indigenisation.
In Mumbai, Reliance Health Venture has already acquired the Mandke hospital, which will be converted into a 650-bed super specialty hospital with six divisions.
Reliance Retail Ventures Ltd, run by India's richest man Mukesh Ambani, on Tuesday raised Rs 5,512.50 crore from Abu Dhabi Investment Authority (ADIA), taking the total fundraise to Rs 37,710 crore in less than four weeks.
In other IPOs, the minimum dilution to the public will be 25 per cent, or Rs 400 crore, whichever is lower.
ONGC, which has cash surplus of about Rs 25,000 crore (Rs 250 billion), at present asks banks on its panel to quote interest rates they would offer for short-term deposits. However, the finance ministry wants this practice to be stopped and business given to state-run banks on nomination basis. The card rates of banks published on their websites are not applicable for bulk deposits for which banks quote the rates on demand, a senior company official said.
In its revival plan submitted to aviation regulator Directorate General of Civil Aviation on Wednesday, the cash-strapped airline is understood to have said that it has requested the Airports Authority of India to allow them to fly on cash-and-carry basis, that is pay for the services as and when the airline avails of them.
The Securities and Exchange Board of India (Sebi) has given green light to several mega initial public offerings (IPOs) last week, paving the way for bumper launches during the ongoing festival season. According to the update on Sebi's website, Hyundai Motor India, which will be the country's largest IPO of nearly Rs 25,000 crore, received the observation letter from the market regulator on September 24. The regulator also gave the final observations on the offer documents of Vishal Mega Mart and Swiggy.
US-based billionaire's $100 million buy values the Anil Ambani company at $3 billion.
Describing the summit as 'positive and constructive throughout', the chief minister said a lot companies have committed to invest in money into the state.
Moving ahead in the multi-crore Saradha chit funds scam case, the Enforcement Directorate (ED) on Wednesday attached assets, including a school, a cement factory and few resorts, worth Rs 60 crore (Rs 600 million) in West Bengal in connection with its money laundering probe.
Telecom operator Bharti Airtel on Friday said it has paid Rs 15,519 crore to the government towards prepayment of its entire deferred liability pertaining to spectrum acquired in the 2014 auction. The company had acquired 128.4 MHz spectrum (including Telenor spectrum) for a consideration of Rs 19,051 crore in the 2014 auction, Airtel said in a statement. The company estimates that the prepayment to Department of Telecom (DoT) will likely result in interest cost savings of at least Rs 3,400 crore over the residual life for fully substituted capital.
Power Grid Corporation (PGCIL) intends to ramp up its capex substantially through the next two financial years. The Public Sector Undertaking (PSU) utility posted flat consolidated revenues of Rs 10,700 crore in the third quarter of the current financial year (Q3FY24) and reported 7 per cent year on year (Y-o-Y) growth in net profit to Rs 4,000 crore. The Q3FY24 capex stood at Rs 3,440 crore and capitalisation at Rs 1,780 crore, taking the 9MFY24 total to Rs 8,700 crore capex and Rs 5,800 crore capitalisation, respectively.
SpiceJet's original promoter is closer to taking the management reins.
Data compiled by NPAsource.com, a portal that focuses on resolution of stressed assets, shows that there are around 2,200 units in the commercial category and nearly 11,000 units in the residential segment funded by banks and other financial institutions and valued at over Rs 7,700 crore, which have turned NPAs and are on the block.
The government is auctioning 42 coal mines among 204 coal blocks.
President Pranab Mukherjee will on Thursday inaugurate the 'Suvarna Vidhana Soudha', a Rs 400 crore legislature complex in Belgaum, amid objections by some political parties in Maharashtra. The construction of 'Suvarna Vidhana Soudha' -- built on the lines of the state Secretariat 'Vidhana Soudha' in Bangalore -- is considered a symbolic assertion of Karnataka's long-held position that Belgaum is an integral part of the state.
Mahindra & Mahindra said on Monday it will spend Rs 6,400 crore (Rs 64 billion) over the next three years towards capacity expansion, product development and research and development.
Indian Oil Corporation (IOC), Bharat Petroleum and Hindustan Petroleum may post a combined loss of Rs 10,700 crore in June quarter on selling petrol and diesel at rates below cost, a report said on Monday. While the raw material (crude oil) prices soared in April-June, petrol and diesel prices were not revised, leading to marketing losses which offset strong refining margins, ICICI Securities said in the report. The three state-owned oil marketing companies -- IOC, BPCL and HPCL -- control 90 per cent of the retail petrol and diesel sales in the country.
Birla is believed to have bought the property - a 30,000 square feet plot with a built-up area of 25,000 square feet - for personal use.
United Bank of India has already declared Kingfisher a wilful defaulter while State Bank of India, Punjab National Bank and IDBI have initiated such a move.
Canara Bank topped the list recovering Rs 638.41 crore (Rs 6.38 billion) from non-performing assets of the total Rs 4,420 crore (Rs 44.2 billion) recovered by 19 nationalised banks by taking advantage of securitisation laws in the last fiscal.
Even big public sector investors such as LIC that have very large stakes in companies haven't been known to voice their concerns. If institutions came together to air their grievances in public; that would put more pressure on managements to make more disclosures and do things the right way, says Shobhana Subramaniam.
The central government has taken up a Rs 400 crore (Rs 4-billion) project for building 30 mega food parks in India along with a proper supply chain for each of them.
"There was an income tax raid at the firm premises sometime back... later, the company did pay up the required tax. But it came to light that certain bogus bills were debited in the account, which inflated expenses. The company had taken advantage of this while filing its income tax," a senior official of the serious frauds investigation office, who didn't wish to be identified, said.
Ministry of Sports and Youth Affairs, headed by Dr MS Gill, has officially released the details of the money sanctioned by Prime Minister Dr Manmohan Singh to train coaches, athletes both in India as well as abroad and giving exposure to the athletes in various international events in order to prepare them for 19th Commonwealth Games that was held in New Delhi from October 3-14.
The government is pooling in its regulatory resources to frame a comprehensive rule-book for wealth management advisors and has sought inputs for the same from RBI, Sebi and other financial sector regulators.
Sahara will save Rs 400 crore (Rs 4 billion) annually by pulling out IPL team Pune Warriors India and not re-bidding for national team sponsorship.
Kinetic Engineering (KEL), the makers of the iconic Luna two-wheelers in the seventies, will soon start producing components for an electric version of the moped. Pune-based Kinetic said in September that Luna would make a comeback in an electric avatar. The electric Luna, or E-Luna, will be launched by KEL's sister company Kinetic Green Energy and Power Solutions.
An upcoming book by investigative journalist Chitra Subramaniam claims that senior Indian bureaucrats "tutored" Bofors officials in a secret meeting in 1987 on how to absolve then Prime Minister Rajiv Gandhi of all blame in the infamous bribery scandal. The book, "Boforsgate," details how the meeting was held to cover up the alleged Rs 64 crore bribe in a Rs 1,437 crore deal for Howitzer guns, and how Indian officials provided advice on concealing information from investigators. Subramaniam's revelations are based on documents provided to her by the Swedish head of police investigating the Bofors case.
Industrial base metals major Hindalco delivered a strong consolidated performance during the January-March quarter (Q4) of FY24. Consolidated revenue was reported at Rs 56,000 crore, up 6 per cent quarter-on-quarter or Q-o-Q (flat year-on-year or Y-o-Y), with better realisation and higher India volumes.
